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Listed by BRANDON FAHLMAN • KITHKIN REAL ESTATE • 503-930-2786
$799,000
Est. payment /mo
10,260 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 10,260 sqft
Price per Sqft $77
MLS Listing ID 825699
Year Built 1950
Annual Tax Amount $9,815
Lot Size 10,454 Sqft
Acres 0.24
Property Sub-Type Retail
Property Description
Prime 12-Unit Redevelopment Opportunity in the Heart of SalemUnlock the potential of this strategically located site at 725 Shipping St NE. Currently positioned for a high-density transition, this property offers a rare footprint for a 12-unit residential complex. With Salem's growing demand for urban housing, this concept maximizes the lot's efficiency while providing future tenants with unparalleled access to downtown and the I-5 corridor. Key Highlights:- Density & Scale: Optimized site layout for a 12-unit multi-family build.- Strategic Location: Blocks away from local transit, shopping, and major employment hubs.- Infrastructure Ready: Existing utility access simplifies the initial phases of site prep.Market Demand: Perfect for a mix of studios and one-bedroom units to target the local workforce.Mixed-Used (MU-II) zoning has opened up many possibilities for this property. The 5,170 square-foot second story houses a ballroom, restrooms, full bar, kitchen, and storage. The 5,090 square-foot main level contains a "lounge", full bar, offices, kitchen, dining area, restrooms, and meeting rooms. A fenced and graveled storage yard could be used for parking, outdoor dining, food trucks, or new construction. Building is currently leased on a month-to-month basis.Ideas for the existing building include a 12-unit apartment building (site plan has been approved), microbrewery or taphouse, coffee, event center, restaurant, bar, etc. The ballroom is still regularly being used, but the building will require significant improvements to utilize all areas. The Seller is open to a traditional sale and also is open to discussing creative partnerships or development ideas.
Location
State OR
County Marion
Area 20 Central Salem
Interior
Inclusions Personal Property
Exterior
Fence Yes
Roof Type Other (Refer to Remarks)
Building
Foundation Slab
Sewer City
Water City, Connected
New Construction No
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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